The Banking and Insurance Dispute Settlement Unit, known as “Sandak,” held its inaugural meeting with the Emirates Banks Union and other licensed financial institutions in the country. This gathering aims to strengthen the long-term partnership between “Sandak” and the banking sector, while also enhancing dispute resolution mechanisms to improve the banking framework and protect consumer rights, thereby promoting justice and transparency in financial transactions.
During the meeting, Faiza Al-Awadi, the CEO and Managing Director of “Sandak,” emphasized the importance of compliance by licensed financial institutions with the laws and regulations surrounding the dispute resolution process. She highlighted the need for developing complaint handling procedures to ensure prompt responses, improve service quality, and build consumer confidence while meeting their expectations.
Additionally, she pointed out the necessity of fostering financial literacy and inclusion, considering it vital for enabling individuals to make informed financial decisions. This, in turn, enhances their experience with financial services and contributes to the overall stability of the financial system.